Sports Direct delay results for second time
Sports Direct has again delayed the release of its latest financial results and has asked investors for more time, insisting they may still be released by the end of the day (Friday 26 July).
The results were expected to have been announced at 7am ahead of the market opening, less than an hour before Sports Direct was due to meet investors and the press at its London head office.
However according to The Guardian, the company said in an email: “Unfortunately we are still finalising preliminary results. We anticipate that our annual results will still be released today, with a presentation to follow, and will update again at midday. Apologies for any inconvenience.”
It is the second time the results have been delayed as they were originally scheduled to be reported on 18 July, but the retailer said that due to “the current uncertainty as to the future trading performance of the business” they would be in.
It also blamed the “increased regulatory scrutiny” of auditors and audits including the FRC review of Grant Thornton’s audit of Sports Direct”.
The retailer added these factors have led to a need for the company to compile more information than in previous years for the audit, and as such it has impacted the “preparations for and responses to increased challenges” in connection with the audit.
